With Buffalo in jeopardy of missing the playoffs for a second straight year, Pegula says it's unclear how long it might take to rebuild the Sabres. And he wasn't in the mood to make guarantees, noting it took the Boston Bruins 36 years to win the Cup under owner Jeremy Jacobs.

The comments are a substantial turnaround for Pegula. He had talked openly about the prospect of the Sabres winning a title within three seasons after he purchased them in February 2011.

Pegula spoke briefly to reporters Saturday, after taking part in a ground-breaking ceremony for a $172 million hockey/entertainment complex he is building in downtown Buffalo.